Reference no: EM13324365
Memories Inc. commenced operations on July 1. Memories Inc. uses a periodic inventory system. During July, Memories Inc. was involved in the following merchandise transactions:
July 2 Purchased $20,000 of merchandise from supplies Inc, on account, terms 2/10,n/30, FOB shipping point.
5 Paid freight costs on July 2 shipment of $500 cash.
8 Sold merchandise for $1,000 cash.
11 Paid supplies Inc. for the July 2 shipment.
15 sold merchandise for $5,000 on account, 1/10,n/30,FOB shipping point.
23 Received full payment for merchandise sold on July 15
Instructions
(a) Record the above transactions in the books of Memories
(b) Assuming that a physical inventory count on July 31 indicated that Memories had $16,500 of inventory on hand, what was the gross profit for the month of July?
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